Political commentary from the LA Times

Weekly remarks: Obama on more American jobs; Mike Pence says U.S. debt now $44,000 per person

October 16, 2010 | 3:00
am

Weekly remarks by President Obama, as provided by the White House

After a decade of hardship for middle class families, and a recession that wiped away millions of jobs, we are in the middle of a tough fight to rebuild this economy and put folks back to work.

Winning this fight will not depend on government alone. It will depend on the innovation of American entrepreneurs; on the drive of American small business owners; on the skills and talents of American workers. These are the people who will help us grow our economy and create jobs.

But government still has an important responsibility. And that’s to create an environment in which someone can raise capital to start a new company; where a business can get a loan to expand; where ingenuity is prized and folks are rewarded for their hard work.

That’s why I fought so hard to pass a jobs bill to cut taxes and make more loans available for entrepreneurs. It eliminated the capital gains taxes for key investments in small ...

... businesses. It increased the deduction to defray the costs of starting a company. And it’s freeing up credit for folks who need it. In fact, in just the first two weeks since I signed the bill, thousands of business owners have been able to get new loans through the SBA.

But we need to do more. So I’ve proposed additional steps to grow the economy and spur hiring by businesses across America. Now, one of the keys to job creation is to encourage companies to invest more in the United States. But for years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries.

I want to close these tax loopholes. Instead, I want to give every business in America a tax break so they can write off the cost of all new equipment they buy next year. That’s going to make it easier for folks to expand and hire new people. I want to make the research and experimentation tax credit permanent. Because promoting new ideas and technologies is how we’ll create jobs and retain our edge as the world’s engine of discovery and innovation. And I want to provide a tax cut for clean energy manufacturing right here in America. Because that’s how we’ll lead the world in this growing industry.

These are commonsense ideas. When more things are made in America, more families make it in America; more jobs are created in America; more businesses thrive in America. But Republicans in Washington have consistently fought to keep these corporate loopholes open. Over the last four years alone, Republicans in the House voted 11 times to continue rewarding corporations that create jobs and profits overseas – a policy that costs taxpayers billions of dollars every year.

That doesn’t make a lot sense. It doesn’t make sense for American workers, American businesses, or America’s economy. A lot of companies that do business internationally make an important contribution to our economy here at home. That’s a good thing. But there is no reason why our tax code should actively reward them for creating jobs overseas. Instead, we should be using our tax dollars to reward companies that create jobs and businesses within our borders.

We should give tax breaks to American small businesses and manufacturers. We should reward the people who are helping us lead in the industries of the future, like clean energy. That’s how we’ll ensure that American innovation and ingenuity are what drive the next century. That’s how we’ll put our people back to work and lead the global economy. And that’s what I’ll be fighting for in the coming months. Thank you. ####

Weekly remarks by Rep. Mike Pence, as provided by Republican Party leadership

Hello, I’m Mike Pence of Indiana.

These are difficult times in the life of this nation. Families are hurting, American businesses are struggling. In the city and on the farm, the economic policies of this administration have failed.

And they tell me they’re worried that everything they’ve worked for could someday be gone.

This week, the world rejoiced as 33 miners emerged safely from months of dark captivity in a deep Chilean mine.

Today, many Americans feel trapped under the weight of historic spending and government mandates.

Every day, they see Washington putting our children and grandchildren deeper in a hole of historic debt.

Something has got to give.

Today, our national debt stands at more than $13 trillion – that’s more than $44,000 of debt for every man, woman and child in this country.

The administration promised that if Congress borrowed a trillion dollars from future generations, their ‘stimulus’ bill would keep unemployment below eight percent. Today unemployment remains at a heartbreaking 9.6 percent, making this the longest period that unemployment has been at or above 9.5 percent since the Great Depression.

In September, the economy lost another 95,000 jobs. More than 14 million Americans are out of work and millions more have just quit looking for a job. The American people know more spending won’t mean more jobs.But the president and Democrats in Congress just aren’t listening.

And to add insult to injury, they want to add a tax increase to their failed economic plans. That’s right. After months of deficit spending and government takeovers, Democrats in Washington want to raise taxes in the worst economy in decades.

Despite the fact that some in their party were willing to vote to prevent any tax increase, Democrats in Congress chose to leave Washington to try and save their jobs without even allowing a vote to protect the jobs of millions of Americans threatened by higher taxes.

If Congress fails to act, every American will see a tax increase in less than 100 days. 88 million taxpayers in the lowest bracket will face a minimum tax increase of $503. Middle income families will face an average tax increase of $1,540. And small business owners will face higher taxes on income, capital gains and inheritance.

No American should see a tax increase in January and Republicans are determined to oppose any effort to raise taxes on any American in this difficult economy.

Uncertainty is the enemy of our prosperity. The American people should not have to wait one more day for Congress to act to prevent one of the largest tax increases in American history from taking effect.

Speaker Nancy Pelosi should call Congress back into session immediately and allow an up-or-down vote on preserving all current tax rates.

The prosperity of the American people is more important than the political fortunes of any politician or any political party.

This administration suggests that our choice is between the failed economic policies of the present and the failed economic policies of the past but, there is a better way.

Last month, I joined my House colleagues at a hardware store in Virginia to unveil our Pledge to America, a specific set of proposals that could be enacted today to start getting federal spending under control and get this economy moving again. The Pledge to America calls on Congress to immediately cut spending back to pre-‘stimulus’, pre-bailout levels, to refund unspent ‘stimulus’ funds and to preserve and promote the kind of tax relief that will create American jobs.

We can get federal spending under control and reform Congress. We can let the American people keep more of what they earn and create jobs. We can return our national government to the common sense and common values of the American people.

You can read more about our agenda at pledge.gop.gov We will build a stronger and better America.